In March, Lebanese Government Eurobonds’ prices dropped heavily by around USD 3 to 5 from the belly until the long end of the yield curve. S&P had revised Lebanon’s outlook to Negative with its B- rating stating risks from lack of material reforms to reduce deficit, including external security risks. CDS levels for 5 and 10 years saw a major jump of approximately 150 bps and reached 830 and 810 ask-spread levels respectively. In the GCC, 5 year CDS levels remained mostly stable. Moody’s downgraded Oman’s rating to Ba1 with Negative outlook citing that Oman’s fiscal metrics will weaken. S&P affirmed Saudi Arabia’s A- rating and stable outlook saying that the government’s expansionary budget will help boost economic growth. Qatar issued 5, 10 and 30 years USD bonds at 3.375%, 4% and 4.817% coupons respectively with a total size of USD 12 bln.